Bitcoin quietly came back with a vengeance; +5% on the day to $6,383

Bitcoin is quietly having a major upswing amongst a tenuous time for risk assets.   As stocks appear poised to have their worst week in 2019, the largest cryptocurrency is surging on speculation increased tariffs will see smugglers go to the cryptos to avoid transparency on future purchases.  The majority of the recent rally with Bitcoin coincides with recent escalation in trade talks between China and US.

Some crypto blogs keep highlighting comments from US representative Brad Sherman who has been a consistent critic of cryptocurrencies.  His comments at the House Financial Services Committee to outlaw cryptocurrency purchases by Americans is nothing new.

After clearing multiple resistance levels, Bitcoin could see resistance from the $6,700 region.  Bitcoin has rallied seven of the last eight trading days, but in its heyday has been no stranger to overextended rallies.  To the downside, $6,000 mark becomes key support.

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya